Global High Purity Oxygen Market Size By Product (99.9~99.95%, >9.95%), By Application (Metallurgical Industry, Chemical Industry, Medical), By Geographic Scope And Forecast

High Purity Oxygen Market Size And Forecast

High Purity Oxygen Market size was valued at USD 43.83 Billion in 2023 and is projected to reach USD 48.63 Billion by 2030, growing at a CAGR of 7.1% from 2024 to 2030.

Oxygen in the lungs is picked up by the iron atom at the center of hemoglobin in the blood and thereby transported to where it is needed which is the major key growth driver of the High Purity Oxygen Market. The Global High Purity Oxygen Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global High Purity Oxygen Market Definition

Oxygen is a gas with many applications. It may be used in chemical processing, fishing farms, medical applications, combustion enhancement, oxyfuel cutting operations in metal fabrication, bleaching in the paper industry, wastewater treatment, fuel cells, etc. The oxygen of high purity has been prepared by various chemical and physical methods. Pure oxygen can be produced from the gasification of biomass using electrolysis and methanol production can occur when it reacts with an equal volume of CO and H2. It has been investigated that when a small amount of water (less than 2%) reacts with hydrogen and carbon monoxide, it results in the production of methanol.

Moreover, high purity oxygen is primely used in the steel industry, for welding, metal fabrication, and others. Moreover, our blood has evolved to capture the oxygen we breathe in and bind it safely to the transport molecule called hemoglobin. In addition, if anyone breathes air with a much higher than normal O2 concentration, the oxygen in the lungs overwhelms the blood’s ability to carry it away. Besides, the result is that free oxygen binds to the surface proteins of the lungs, interferes with the operation of the central nervous system, and also attacks the retina. Moreover, pure oxygen or air is usually used as an oxidant.

As the membrane is highly hydrated with the presence of liquid water at the anode, the gas-fed at the cathode usually does not need to be damped. Besides, the combustion procedure with pure oxygen is the major method of CO2 capture. This method needs a huge amount of oxygen, generally extracted from the air, and the hydrocarbon fuel burns in pure oxygen. Therefore, when the fuel burns in pure oxygen, the flue gas contains water vapor and CO2, which can be separated by the refrigeration of the flue gas, water vapor condenses to liquid, and CO2 is detached.

Global High Purity Oxygen Market Overview

The rise in disposable income acts as a primary growth driver in the Global High Purity Oxygen Market. The oxygen purity refers to the percentage of oxygen in the gas – the higher the percentage, the higher the oxygen amount. Oxygen can be separated from the air by fractionated liquefaction and distillation. The main applications of oxygen in order of importance are melting, refining, and manufacturing of steel and other metals, manufacture of chemicals by controlled oxidation, rocket propulsion, medical and biological life support, mining, production, and production of stone and glass products. Moreover, oxygen is essential for all forms of life since it is a constituent of DNA and almost all other biologically important compounds. Besides, it is even more dramatically essential, in that animals must have minute by minute supply of gas in order to live.

Furthermore, Oxygen in the lungs is picked up by the iron atom at the center of hemoglobin in the blood and thereby transported to where it is needed which is the major key growth driver of the High Purity Oxygen Market. On the contrary, oxygen poisonous, activated by enormous or inappropriate supplemental oxygen, can cause severe damage to the lungs and other organ systems. Therefore, high concentrations of oxygen, over a long period of time, can rise free radical formation, leading to damaged membranes, proteins, and cell structures in the lungs every human being needs oxygen to breathe, but as in so many cases, too much oxygen is not good. Also, if anyone is exposed to large amounts of oxygen for a long time, lung damage can occur and which act as the restrain and diminish the growth of the High Purity Oxygen Market.

Global High Purity Oxygen MarketSegmentation Analysis

The Global High Purity Oxygen Market is segmented on the basis of Product, Application, And Geography.

High Purity Oxygen Market, By Product

• 99.9~99.95%
• >99.95%

Based on Product, The market is segmented into 99.9~99.95% and >9.95%. The >99.95% holds the big market share. The grades of titanium have an ultimate tensile strength of about 434 MPa (63,000 psi), equal to that of common, low-grade steel alloys, but are less dense. Titanium is 60% denser than aluminum, but more than twice as strong as the most commonly used 6061-T6 aluminum alloy.

High Purity Oxygen Market, By Application

• Metallurgical Industry
• Chemical Industry
• Medical
• Others

Based on Application, The market is segmented into Metallurgical Industry, Chemical Industry, Medical, and Others. The Metallurgical Industry holds a big market share. The high purity oxygen is extensively used in the steel industry, for metal fabrication, welding, and other.

High Purity Oxygen Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Regional Analysis, The Global High Purity Oxygen Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The Asia Pacific region is expected to witness the highest CAGR during the forecast period. This is primarily due to the rise in disposable income in these countries, and the growth in urbanization.

Key Players

The “Global High Purity Oxygen Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are AirLiquide, Taiyo Nippon Sanso, Praxair, Airgas, Air Water, Baosteel Gases, Foshan Huate, Peak Gas Generation, SCGC, Yingde Gases.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In March 2022, Air Liquide and Eni have entered into a collaboration agreement aimed at assessing decarbonization solutions in the Mediterranean region of Europe, focused on hard-to-abate industrial sectors. The two companies join forces combining their well-established expertise and know-how to enable CO2 capture, aggregation, transport, and permanent storage.
• In June 2020, Peak Gas Generation, a leading brand of Peak Scientific and global leader in on-site gas generation for manufacturing and processing industries, announced the launch of its very first oxygen gas generator, the i-Flow O2, to add to its already successful i-Flow range of nitrogen gas generators.

Report Scope

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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